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Eli Manning restructures his contract

New York Giants Super Bowl XLVI Fan Celebration At Metlife Stadium Getty Images

We now bring you a post that has absolutely nothing to do with Peyton Manning.

We’re staying within the Manning family, however. Eli Manning has restructured his contract for the 2012 season in order to provide the Giants with more cap room during the rest of the offseason. Ralph Vacchiano of the New York Daily News reports that Manning lowered his base salary for 2012 from $10.75 million to $1.75 million to create almost $7 million in cap space. His cap number for the 2012 season will now be $9.6 million, down from $16.35 million.

The move, a common maneuver that transforms salary into a bonus to spread the hit out over several years, will make for a bigger cap number (over $20 million the next two years) down the road. That’s something the Giants will deal with when the time comes, though, because they need the space now to take care of more pressing concerns. Among them could be additions at tight end after the injuries to Jake Ballard and Travis Beckum and on the offensive line or in the secondary. The team has also said they will explore a new contract for wide receiver Victor Cruz.

The Giants, who were around $9 million over the cap, can create more cap space by dealing with Brandon Jacobs‘ contract. The running back is currently set to make $4.4 million in the 2012 season, a lot for the production he provides, but he’s been open to talking about a pay cut to remain with the team.

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32 Responses to “Eli Manning restructures his contract”
  1. Hank Koebler, IV says: Mar 8, 2012 11:35 AM

    Maybe they’re making cap room to bring in Peyton???

    (cringing in anticipation of the response this comment will bring from the sarcasm-impaired.)

  2. n0hopeleft says: Mar 8, 2012 11:36 AM

    Is the rest of the NFC East watching?!

    This man is a LEADER of men.

    Taking a pay cut the year after he wins it all, to keep his team in tact.

    Nothing but class from Elite Eli.

  3. RedSox83 says: Mar 8, 2012 11:38 AM

    Thank you Eli, makes me proud when a star player puts the team first. The fact he is 3-1 vs the Patriots (2-0 in Super Bowls) just makes me smile.
    This will make it easier to sign of TE or LB or FS. He’s going to win at least one more Super Bowl, more likely two with Coughlin as coach and a smart GM.

  4. nyg88 says: Mar 8, 2012 11:38 AM

    We’re lucky as Giants fans to have such a classy guy at the QB position. 2x Super Bowl champion and counting baby!

  5. cjepp says: Mar 8, 2012 11:38 AM

    Don’t believe it people, Peyton will be a Giant by noon. The NFL Soap Opera.

  6. The Commish says: Mar 8, 2012 11:39 AM

    Obviously freeing up space to make a run at Peyton …

  7. irongershwin says: Mar 8, 2012 11:41 AM

    Wait a second. This isn’t a Peyton story. What’s going on here?

  8. trueski21 says: Mar 8, 2012 11:42 AM

    this manning actually steps his game UP in the clutch

  9. whatnojets says: Mar 8, 2012 11:43 AM

    The New York Jets have no opinion at this time about Eli Manning re-structoring his contract.

    We will issue a statement when it becomes relevant.

    Rex Ryan
    Chief

  10. moonischasinme says: Mar 8, 2012 11:44 AM

    This is actually very Peyton related. It shows that little brother, who not only has more rings, also has the ability to compromise. Peyton could have EASILY restructured the terms of his contract if he truly wanted to stay in Indy.

  11. nygsbchamps4 says: Mar 8, 2012 11:53 AM

    Way to think about the team and winning Eli. Anyone who doesn’t like Eli is just hating because their team doesn’t have him on their roster.

  12. panther17 says: Mar 8, 2012 11:53 AM

    Drew Brees,

    Look to Eli for how to come through after saying words such as:

    “My No. 1 priority, and it always has been this, is keeping our team together and making sure we have the right guys in the right positions to make a run at this for a long time.”

    Way to stick it to the Saints before the league got the chance.

    “Very disingenuous — has a fake smile, comes off as very scripted and has a selfish, me-first makeup. Always knows where the cameras are and plays to them. Has an enormous ego with a sense of entitlement”

    Fits Drew Brees better.

  13. giants56 says: Mar 8, 2012 11:56 AM

    I need Eli’s e-mail so I can “bonus” him some outside money!

  14. JC says: Mar 8, 2012 11:56 AM

    Folks, while I respect Eli and think he is one of the best QB’s in the league, he isn’t taking a “pay cut”. He is just spreading his money out over a period of time. When you are smart with your money you can do things like this.

  15. dabendschein says: Mar 8, 2012 11:57 AM

    Or is it a Peyton story? Eli restructuring his contract to make cap space for… wait for it…. Peyton Manning! The Giants deploy an unprecedented two-Manning offensive attack and ride the momentum to another Super Bowl

  16. zaggs says: Mar 8, 2012 11:57 AM

    Not like he needs to whip out a big contract number to measure up to other QB’s. Just needs to flip them off twice, once for each ring.

  17. rwmilli says: Mar 8, 2012 12:05 PM

    @moonischasinme – in reference to your Peyton contract..with that team completely blowing up can you explain to me your logic behind thinking manning would stay? Not only the fact that luck is who the team wanted behind the helm? It wasn’t money silly…it didn’t make sense for a 36 year old QB chasing another ring to play on a team that’s going into total rebuild…the colts had their years of being relevant and now it’s time to start over again…that break up was merely inevitable and it was best for both sides, the colts get a shot with luck starting, and peyton can seek a contending team in which he thinks another superbowl is possible, that situation doesn’t have anything to do with whether peytons classy or not, the guy is as classy as it gets, both mannings are and it kills me to say that because I highly dislike them, but both are classy classy men. Moral : don’t follow everything the media puts out, tey do an say what gets attention so making a villain and a hero is clearly just a strategy.

  18. vegasgiantguy says: Mar 8, 2012 12:10 PM

    Ok people, Eli is great but…he is not taking a pay cut, he is restructuring. this just means he is getting his money later, rather than now.

  19. 69finfan says: Mar 8, 2012 12:11 PM

    Not a Giants Fan but I do like JPP as he graduated from my Alma Mater but I respect EM tremendously for putting the good of the TEAM before his short term personal gain. The NFL and Professional Sports needs more like him. Congratualtions Giants Fans on your SB win.

  20. EJ says: Mar 8, 2012 12:16 PM

    Not hating on Eli Manning but, I’m sorry to break it to you Giant fans: Your team wins because of teamwork, not just Eli, Eli, Eli. Manning is a good quarterback but not ELITE. Put him on any other dysfunctional team and he goes from your “Elite Eli” to “Eli.” The Giants have every component to contend and conquer, QB, RB, TE’s, OLine, WR’s, Dline, LB’s, DB’s, K and even your punter. Even Eli knows that without those guys, the team falters. That is the exact reason he is altering his pay, to keep these guys together.

  21. johnnylsousa says: Mar 8, 2012 12:18 PM

    @n0hopeleft
    He didn’t take a pay cut, he’s still making his money, its just distributed to him differently. Instead of being in his salary its paid in bonuses over a few years. So don’t think he’s taking one for the team, he’ll still get his money.

    That being said, still helps the team get under the cap. Brandon Jacobs’ contract is different, he’ll actually take less money to stay… that’s taking one for the team

  22. jdandcoke says: Mar 8, 2012 12:18 PM

    the giants were at 120.7 mill before eli restructutred. how the heck does 120.7 mill figure to be 9 mill OVER the cap?? either me, or this site, has some very lousy intel regarding where the giants payroll is.

    fyi…ballard and bruce johnson just resigned for 540k each…that would bring the giants total to basically 122 mill; hixon resigned the other day(dont know exactly how much but lets assume 1 mill, even though its probably less, so now its up to 123); now factor in eli’s restructure and the giants should be sitting at 116 mill as we speak.

  23. polishrod says: Mar 8, 2012 12:21 PM

    n0hopeleft says:
    Mar 8, 2012 11:36 AM
    Is the rest of the NFC East watching?!

    This man is a LEADER of men.

    Taking a pay cut the year after he wins it all, to keep his team in tact.

    Nothing but class from Elite Eli.

    ————-

    Get off your knees, Chief.

    He did NOT take a pay-cut and he’s getting the exact same amount of money this year as he was expecting to get. The only difference is that for SALARY CAP ACCOUNTING purposes, it now counts less against their cap.

    The guy had a great year, but he’s not doing anything revolutionary here. In fact, this type of maneuver is expected out of higher paid players

  24. delshofner says: Mar 8, 2012 12:26 PM

    Guys … Eli is NOT taking a pay cut, and he is NOTt getting his money later.

    He is getting the bulk of his 2012 salary NOW in a bonus payment … cash money. The Giants are just spreading the cost cap-wise over a number of years to free up 2012 cap space.

  25. saint4life says: Mar 8, 2012 12:28 PM

    all this does is make it harder for Brees to demand 20-23 million a season. All these QBs reworking contracts hurts his value.
    Thanks to all of them for doing it though.
    Drew might put a bounty on those guys himself!

  26. scrummymustard says: Mar 8, 2012 12:39 PM

    polishrod says:
    Mar 8, 2012 12:21 PM
    n0hopeleft says:
    Mar 8, 2012 11:36 AM
    Is the rest of the NFC East watching?!

    This man is a LEADER of men.

    Taking a pay cut the year after he wins it all, to keep his team in tact.

    Nothing but class from Elite Eli.

    ————-

    Get off your knees, Chief.

    He did NOT take a pay-cut and he’s getting the exact same amount of money this year as he was expecting to get. The only difference is that for SALARY CAP ACCOUNTING purposes, it now counts less against their cap.

    The guy had a great year, but he’s not doing anything revolutionary here. In fact, this type of maneuver is expected out of higher paid players

    _______
    Exactly, all he is doing is taking a $9 million bonus today instead of making that 9 million over 16 games, thus reducing their cap by spreading that 9 million over the remainder of his contract.

    But you being a huge giant fan, obviously already knew this.

  27. eddiemeredith says: Mar 8, 2012 12:52 PM

    You guys don’t understand. This deal is better for Eli then anyone else. He didn’t take less money… he just got it all now instead of later. It’s a tactic that every team is using now because it gets alot of cap of the book… but if that player decided he never wanted to play again and just quit he would walk away with all the money they just restructured instead of much less.

  28. jakek2 says: Mar 8, 2012 2:23 PM

    @jdandcoke – I too struggle to understand how we are so far over the cap even though we are shedding salary instead of taking it on. What you are not taking into account are past years restructurings, bonuses and new contracts that are now coming due on this years’ cap. For instance, Rolle’s cap number may have been less when he first signed because his guaranteed $$ was spread out for the length of his contract. So, if he was paid a $10M signing bonus, that could have been spread out as $2m over the life of the contract, in which case you’d add $2M to this year’s cap.

  29. mjkelly77 says: Mar 8, 2012 2:48 PM

    EJ says:Mar 8, 2012 12:16 PM

    Not hating on Eli Manning but, I’m sorry to break it to you Giant fans: Your team wins because of teamwork, not just Eli, Eli, Eli. Manning is a good quarterback but not ELITE. Put him on any other dysfunctional team and he goes from your “Elite Eli” to “Eli.” The Giants have every component to contend and conquer, QB, RB, TE’s, OLine, WR’s, Dline, LB’s, DB’s, K and even your punter. Even Eli knows that without those guys, the team falters. That is the exact reason he is altering his pay, to keep these guys together.

    7 thumbs up

    31 thumbs down

    ___________________________

    The words above are all true. Too many people want to canonize Eli. He isn’t elite. He plays on a good team. Restructuring his contract is really self-serving (team has better players). It’s very smart as well as shown by the 31 thumbs down man crush responses.

  30. mjkelly77 says: Mar 8, 2012 2:52 PM

    delshofner says:Mar 8, 2012 12:26 PM

    Guys … Eli is NOT taking a pay cut, and he is NOTt getting his money later.

    He is getting the bulk of his 2012 salary NOW in a bonus payment … cash money. The Giants are just spreading the cost cap-wise over a number of years to free up 2012 cap space.
    _________________________

    So Eli is actually getting his money earlier than he would have otherwise? Yeah, he’s really “taking one for the team” alright.

  31. jg725 says: Mar 8, 2012 2:57 PM

    I’m guessing your’re an nfc east fan – tell me again how many super bowls the nfc east (beside the giants – have made it to – and won in the last 14 years………… verrrrrry quiet – just as i thought – and the facts back up………. su just pipe down with the no-sense

  32. bigbluefan1 says: Mar 8, 2012 6:03 PM

    Haters keep hating most of you are either Charger fans or just hate NY or your one of those that just do not like the Mannings for what ever reason.

    Here is the bottom line Eli 2 Super bowl wins in 8 years in the NFL

    No QB can be Elite with out people to catch the ball. As the very sexy Mrs Brady said he can not do it all.

    So you all keep hating and we will continue to add more to our Trophy Case
    Eli is my QB
    And The day he is entered into the HOF with one or two more rings I will drive to Canton no other reason to ever go to Ohio.
    There are only 3 or 4 teams that would not take Eli in a heart beat.

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